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Our analysis assumes that the firm can (1) hedge all its exposure, and (2) do so costlessly. The first assumption is of course not met in practice: no firm can hedge all of its risk.
Not surprisingly, when individuals ex ante are not automatically and costlessly informed but must incur an expense to learn actual harm and thus what their damages payment will be under the more accurate legal regime, the social benefit of accuracy is less.
A "complete" property system, in which property was defined with "full" precision on all dimensions, would be costlessly achievable; in such a system rights would refer to the tiniest uses over the shortest times availing between each pair of members of society, existing and unborn, and would incorporate every conceivable contingency.
rights can costlessly ascertain ownership of the rights she seeks to
For example, purchases of houses cannot be reversed quickly and costlessly due to real estate agent commissions, closing costs associated with obtaining a mortgage, and moving costs.
An unemployed worker receives a per period unemployment compensation, b, and costlessly searches for a job.
Besides, no significant risk is involved since investments could be easily (costlessly) redeployed to another use or users (no assets dependency exist).
The consequences of the noise in a costlessly verifiable proxy can
If firms could costlessly set export prices in NZD, there would be no reason for the use of financial derivatives.
judges could not costlessly indulge their political biases.
Economics has disregarded many of these important aspects, to the extent that, "Most modern economic analysis of taxation presumes that tax liability can be ascertained and collected costlessly".
Because the negligent act always entails additional costs of care, the negligence is costlessly observed, and the contract costlessly enforced, it would always be cheaper not to commit negligence.
Thus, using a similar approach as in Brennan and Schwartz (1985), we search for the value of a firm that produces one unit of output per period with operating cost Oc(t, M(t, [K.sub.t])) which is sold at a given price [[theta].sub.t] Note that, as in Pindyck (1988), we assume that the firm can be shut down costlessly during a time period as soon as is [[theta].sub.t] is smaller than the operating cost.
In a financial market with frictions, though, investors cannot costlessly adjust their holdings.
Now engage in a thought experiment, one with a science fictional element: Imagine that people could be informed, immediately and costlessly, of the treatment of animals used in the food they purchase.
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